AMIC and Prime Capital asses trends and detail new home loan project

The Chisinau Municipal Mortgage Agency (AMIC) and PrimeCapital Company assess the trends and give details about the new home loan project launched this month. Asked to assess the current trends on the housing market related to the project, Nicolae Rusu, the head of the sales department of AMIC, has told Info-Prim Neo that the potential beneficiaries’ interest in new dwellings is practically as high as last year despite the financial crisis. He said that such a fact is explained by the two companies’ approach adapted to the new conditions. “New solutions and offers are needed in new conditions,” he said. In this connection, the representative of AMIC provided information that is most often sought by buyers of apartments offered as part of this project. The Prime – AMIC home loan offered by the financial company Prime Capital and the Chisinau Municipal Mortgage Agency is designed exclusively for buying apartments already built by AMIC. The project is different from other lending products. It offers the buyer the possibility of taking out a home loan at an interest rate of only 15% a year – by 5-6 percentage points lower than on the market. If the client takes out a loan for a period of up to 5 years, the interest rate is 15%. If the period is longer, up to 10 years, 0.25% a year is added to the base rate of 15%. The loans vary from $5,000 to $250,000, but do not exceed 65-70% of the value of the apartment that is to be bought. According to Nicolae Rusu, in order to benefit from this project, the buyer should take the following steps: chose one of the 40 apartments that were already put in commission by AMIC, go to the office of PrimeCapital to receive information about the given product free of charge. The buyer will be provided with a list of the required documents. Within three days of the presentation of the documents, the client is allowed to take out the loan. After the signing of the contract, PrimeCapital transfers the money for the apartment to AMIC. Among the advantages of the project, the AMIC representative mentioned: new finished apartments of a high quality, an interest rate lower by 5-6 percentage points than the interest on the market, a long lending period, a minimum set of required documents, the loans are released within three days of the submission of the application.